RAPAPORT... India’s polished-diamond exports slid 18% year on year in
July, reaching their lowest level since December 2018. The decline reflected a
slowdown in the midstream sector as manufacturers struggled to offload excess goods. Rough trading also
dropped significantly, according to data from the Gem & Jewellery Export
Promotion Council.

India Trade Data for July 2019

Millions unless stated otherwise

July 2019

Year-on-year change

Polished exports

$1,503

-18%

Polished imports

$114

-14%

Net polished exports

$1,389

-19%

Rough imports

$1,095

-34%

Rough exports

$93

-7%

Net rough imports

$1,002

-36%

Net diamond account

$387

174%

Polished exports: volume

2.1 million carats

-7%

Average price of polished exports

$714/carat

-12%

Millions unless stated otherwise

Jan-Jul 2019

Year-on-year change

Polished exports

$12,657

-14%

Polished imports

$683

-30%

Net polished exports

$11,975

-13%

Rough imports

$8,159

-26%

Rough exports

$868

14%

Net rough imports

$7,291

-29%

Net diamond account

$4,684

38%

Polished exports: volume

16 million carats

-17%

Average price of polished exports

$789/carat

4%

Source: Gem & Jewellery Export Promotion Council; Rapaport
archives

About the data: India, the world’s largest diamond-cutting
center, is a net importer of rough and a net exporter of polished. As such, net
polished exports — representing polished exports minus polished imports —
will usually be a positive number. Net rough imports — calculated as
rough imports minus rough exports — will also generally be in surplus. The net
diamond account is total rough and polished exports minus total imports. It
is India’s diamond trade balance, and shows the added value the nation creates
by manufacturing rough into polished.